European Investment Bank meets Zimbabwe on arrears

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THE European Investment Bank (EIB) says it is working on providing loans to small and medium enterprises (SMEs) in Zimbabwe while discussions on the settlement of the country’s loan arrears begin.

BUSINESS REPORTER

Speaking at a Press conference in Harare yesterday, Southern Africa and Indian Ocean head of division Diederick Zambon said the re-engagement with government follows the thawing of frosty relations between Zimbabwe and the European Union bloc.

Zimbabwe’s arrears to EIB are over $300 million which prevents the European Union from providing long term lending tothe country.

Zambon said this was the first time the EIB would be discussing with government on the arrears.

“We will meet the governor and the minister this afternoon [yesterday],” said Zambon, who is on a three day visit to Zimbabwe.

The visit ends today.

Zambon said the bank does not have the provision to write down debts, but the member states would take that position.

He said the private sector has the capacity to develop and help the country to go forward and this had motivated EIB to explore lending to the sector.

Zambon said the bank would support the small and medium enterprises in the agricultural sector especially on food security, renewable energy and climate change.

“We will provide funds to banks that interact with SMEs. We are limited in the way we interact with SMEs.We can provide money to commercial banks and it would be longterm money. We are here to explore possibilities with the private sector,” he said.

Zambon said in the past the EIB worked with Zimbabwe in 30 different operations that included power and water.

EIB has approved €1,5 billion (about $2 billion) in the past year for over 25 projects in Africa Caribbean and Pacific countries.

Zimbabwe owes various creditors that include EIB, International Monetary Fund, World Bank and others $6,1 billion according to figures from the finance ministry.

8 COMMENTS

  1. This white man must be crazy. We don’t want to hear the same story about Zimbabwe owing this and that. We know that already. if they want to give us money they should focus on that and the future than waste our time reading same old stuff that we know already. They want us to feel bad, to dehumanise us, to destroy our dignity. That is unacceptable. Kanazvisingaite ngavagare netumari twavo mhani nxaaaaaa

    • It’s really quite typical of you to always play the victim, isn’t it. There are people who want to lend us money, and of course they are concerned with what you already owe them. What if your son in law didn’t pay lobola for your eldest daughter, and then he comes proposing marriage for another, younger daughter of yours? Aren’t you going to ask if he’s going to pay what he already owes you or would that be victimising and dehumanising him?

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    • tk with that kind of backward bush mentality its no wonder we are the laughing stock of SADAC. Clouns like you shouldnt be allowed to vote! Look at the mess you caused!That (white man) as you say is well within in his right to ask about the money OWED!If i owe you money and you ask for it are you dehumanising me and destroying my dignity???? wake up you backward fool

  2. I appreciate wht th EIB is abt to do. Tht matter of wht we owe is of much significance to be mention thts why they ar called arrears. A country cannot survive on its on bt wth th help of others

  3. Thanks EIB for at least creating a window of hope for our country. We have been promised suffering, starvation and total destruction by people who claim to love us and our country. We are accustomed to a wave of campaigns against economic recovery and the results are there for everyone to see. We want to be able to come back and work in our country and build our communities again. Its not every one of us who is a politician. We have seen political leadership from all parties accumulating wealthy in our country of high unemployment levels while our vulnerable population survive on less than a dollar a day. No tangible promise has come from all politicians except the promise of continuous suffering. We see no love for our country all we see is hunger for power on the expense of economic ruins with a calamitous results. Most of us were left with no option but to leave for foreign unfamiliar territories where its even difficult to worship our God. We need economic recovery not political orientation.

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